VCCircle

Brazil's CSN and Tata Steel are bracing up for the most watched acquisition auction in recent times. The bid for Corus will start in a couple of hours time today. The bidding battle between CSN and Tata Steel has been going on for the last three or four months.

Finally the UK Takeover Panel ruled that the bidding will be wound up through a nine-round auction real time. The bids so far stood like this: CSN last month bid for 4.9 billion pounds ($9.6 billion), or 515 pence a share. This was more than Tata Steel's 500 pence-per-share deal.

Now it remains to be seen how far the acquisition price can go in the current auction round. Analysts are of the view that it can reach a maximum of 550 pence a share. Anyways, whoever (over)pays the most will get the company. A decision is just hours away on who will finally win Corus to become the world's fifth biggest steel maker.